Corn futures are trading 2 cents higher here on Friday morning. They ended the Thursday session with most contracts 5 to 5 3/4 cents lower. There was some modest selling interest, with preliminary open interest rising 4,497 contracts on the decline. USDA will not update their monthly reports today due to the partial government shutdown. CONAB projected Brazil’s corn crop will be 91.19 MMT, up slightly from their December number on a larger first crop. Agroconsult is well above Brazil’s government agency (CONAB) at 95.6 MMT. Argentina’s corn crop estimate from the Rosario Grain Exchange was hiked from their prior range of 42-43 MMT to 44 MMT.

--provided by Brugler Marketing & Management

Soybean futures are 2 to 4 cents higher this morning as yesterday’s sellers take some profits off the table ahead of the weekend. They posted 16 to 17 1/4 cent losses in most contracts on Thursday. There wasn’t much evidence of long liquidation, with preliminary open interest for Thursday actually rising 5,844 contracts. Soymeal futures were down $6.40/ton, with soy oil 38 points lower. Palm oil prices were down 1.47% on the day. CONAB was not as low as other firms have gone, putting their updated 18/19 Brazil soybean estimate at 118.8 MMT vs. 120.07 MMT last month. They also pegged 18/19 exports at 75 MMT, UNCH from last month but down 8.865 MMT from 17/18. Agroconsult also released updated numbers, down 5.2 MMT from last month at 117.6 MMT.

--provided by Brugler Marketing & Management

Wheat futures are currently 4 to 5 cents per bushel higher after being down 6 to 7 cents on Thursday. Weakness stemmed from the Egyptian tender on Wednesday, as the US made no sale due to a freight disadvantage. A higher US dollar and general selling in the grain complex also added pressure. That has reversed this morning, with the dollar weaker. Outside of actual shipping data (Export Inspections report) we will not have an update to any Export Sales data until the government is back open. A South Korean importer purchased 65,000 MT of optional origin wheat in a tender on Wednesday. The EU awarded 718,000 MT of wheat imports under their import quota.

--provided by Brugler Marketing & Management

Live cattle futures saw slight gains in the front months on Thursday. Feeder cattle futures were mixed, with nearby Jan down 7.5 cents. The CME feeder cattle index was down 15 cents on January 9 at $145.55. Wholesale boxed beef prices were higher on Thursday afternoon. Choice boxes were up 12 cents at $213.96, with Select $1.30 higher at $207.77. USDA estimated WTD FI cattle slaughter at 477,000 head through Thursday. That was 5,000 head above the same week last year. As of Thursday, cash bids were scarce with a $119 live in TX and $195 in IA reported. Asks are up around $125-126 and $200 respectively.

--provided by Brugler Marketing & Management

Lean Hog futures settled mixed on Thursday, as nearby Feb was up 30 cents. The CME Lean Hog Index was up 25 cents from the previous day @ $54.10 on January 8. The USDA pork carcass cutout value was up 79 cents on Thursday afternoon at an average weighted price of $70.46. The national base cash hog carcass value was 2 cents lower in the PM report, with a weighted average of $51.14. This week’s FI hog slaughter through Thursday was estimated at 1.9 million head, which was 91,000 head larger than the same week last year.

--provided by Brugler Marketing & Management

Cotton futures are trading a modest 1 to 3 points lower this morning. They were mixed on Thursday with the front months down 16 to 28 points, and deferred contracts slightly higher. The dollar was stronger on the day, adding pressure to the market, with no Export sales data to be supportive. The weekly AWP update is not being released due to the government shutdown, as well as the CFTC Commitment of Traders and Cotton on Calls reports. The Cotlook A index was down 85 points from the previous day on January 9 at 81.05 cents/lb.

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